NEW YORK (AP) — New York City Mayor Bill de Blasio is announcing a partnership with several major banks for $350 million worth of construction and preservation of affordable housing.
De Blasio said Wednesday that the fund will be administered by the Community Preservation Corporation, a nonprofit construction financier.
The first $20 million will be contributed by the city and money from the city’s pension funds.
On the private side, Citigroup will contribute $75 million.
Wells Fargo will give $50 million, while other institutions like Morgan Stanley and Bank of America will give smaller amounts.
The de Blasio administration is aiming to create or rehabilitate 200,000 units of affordable housing over 10 years.
The ambitious plan is estimated to cost $41 billion.
